All Forum Posts by: Jimmy Dudley

A general inspection would work. 

Subject to finance will ruin your reputation quickly.

Partner approval will not work, sellers will be reluctant to accept the offer form the beginning.

As far as termination periods you will need to be in the right market for that to work. A short, no cost, period maybe 14 days. If you need longer then you need to put some earnest money and be willing to spend money to preserve your reputation. 

Bottom line, it is unethical and short sighted to tie up property when have little chance of closing the deal. You need to build your systems, have your partners and be ready to close deals if you want to be a successful wholesaler. 

No amount of money in the future can repair the reputation you destroy today.   

Invest it in something you can't access for a few years. Focus on your new life and your new career. Save up another chunk of cash and then your ready to really start on the second phase of your life. 

There are lots people who will tell you to pack in as many students as you can. I would suggest hiring a local architect to ensure you are using the building in an effective and lawful way. You can quickly run into local and state building code issues. Not to mention the nicer apartments attract better clients. Make sure you have parents on the leases, I have seen this problem at some small colleges when I was in North Carolina. 

You are in a very fortunate position. You almost overpaid for a property and now you have second chance at it. Feel free to contact the seller directly, discuss how they reached their price and if seller financing is on the table. Just be aware that the seller has a contract with the listing agent. The listing agent may need to be paid according to their contract. But, maybe not so that could be a potential negotiating point when you meet with the seller. 

 Guys it is YOUR offer at the end of the day. Attach a spreadsheet to the offer explaining why the offer is low. If the agents you are working with are "uncomfortable" its because they are putting their interests above yours. Your agent should be acting in your best interest that means offering what you want.  Unfortunately a lot of agents are concerned about their own images and ego over their current clients best interests. 

The rule allows you to quickly sort through a large number of properties quickly. Once you get the number down and begin your more in depth analysis you can take the time to look up the real values needed.  

Russell Brazil is right on the money. His usual. If they will not show evidence of an escalation then you have a choice to make. Do you want the deal or their head. If the deal makes sense and you want it then ignore the agent's behavior and get your deal done. If on the other hand you suffer because the agent will not disclose the contract to prove escalation and you want his head report him and walk away. 

You need to find a partner who know the city really well. The differences block to block cannot be overstated. Just because something is in a city development plan does not ensure the outcome. Also look at how long you are willing to hold property. Parts of Baltimore are improving but it will be a long time before a lot of Baltimore lives up to its "Charm City" nickname. 

I wouldn't work too hard on evicting him. The threat of eviction should be enough. Look it was said here before and I have to agree you don't lend money to friends and family. If you do don't worry about ever seeing the money or the person again.

Bottom line what do you want to do? Do you want him to stay and pay rent on time, then set up automatic payments. If you want him to go then tell him what the consequences of an eviction are, take your losses and show him the door.

1) Invest out of sate, does your level of experience right now support your investing out of state?

2) If you take on partners, and you do it right, you could build the a network that you can call on for years to come.

3) Raise additional capital, you will need to raise a substantial amount of money to buy any large multi family in SOCAL, 

4) Smaller investments, plenty of success has been built on successful smaller deals. You get it right over and over again and soon you sell out and flip into something large. This approach also builds the experience missing from number one, allows you to meet people for your number two and you earn more money so that answers number three.